v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:      
Net income $ 424,174 $ 399,711 $ 280,301
Adjustments to reconcile net income to net cash used in operating activities:      
Deferred taxes (25,116) (957) 20,470
Provision for bad debts, net 7,659 9,260 7,264
Non-cash lease expense 39,326 37,303 32,908
Depreciation and amortization 42,634 41,270 28,536
Revaluation of acquisition contingent consideration 17,895 (1,047) (10,373)
Compensation expense – equity and liability classified share awards 201,304 168,443 166,595
Other (1,673) (1,449) (876)
Changes in operating assets and liabilities:      
Accounts receivable 32,633 (55,698) (23,828)
Unbilled work in progress (115,148) 33,770 (77,477)
Other assets (19,876) 6,040 (22,045)
Accrued salaries and bonuses 128,217 210,254 (42,269)
Accounts payable and accrued expenses and other liabilities (27,898) 1,709 (30,748)
Net cash provided by operating activities 704,131 848,609 328,458
Cash flows from investing activities:      
Purchases of investment securities (263,299) (250,476) (11,278)
Sales or maturities of investment securities 290,326 94,305 11,458
Acquisition of businesses, net of cash acquired (2,539) (69,188) (3,856)
Capital expenditures (22,312) (39,699) (66,730)
Net cash provided by/(used in) investing activities 2,176 (265,058) (70,406)
Cash flows from financing activities:      
Dividends paid (174,037) (165,217) (148,454)
Share repurchases (175,428) (52,514) (24,952)
Payments to settle employee tax obligations on share-based awards (142,738) (102,343) (70,713)
Earnouts paid (741) (9,706) (7,053)
Other financing activities 0 710 587
Net cash used in financing activities (492,944) (329,070) (250,585)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash 4,926 (756) (425)
Net increase in cash, cash equivalents, and restricted cash 218,289 253,725 7,042
Cash, cash equivalents, and restricted cash – beginning of period 975,579 721,854 714,812
Cash, cash equivalents, and restricted cash – end of period 1,193,868 975,579 721,854
Supplemental disclosures of non-cash activities:      
Promissory note issued as consideration for acquisition 0 351 14,500
Shares issued as consideration for acquisition 21,072 84,995 19,343
Cash paid during the period:      
Taxes, net of refunds $ 187,247 $ 93,312 $ 105,056